Cook risotto according to package directions, adding mushrooms and shallots with the water.
Meanwhile, sprinkle tilapia with seafood seasoning.
In a large non-stick skillet, heat 2 tbsp. butter over medium heat. In batches, cook tilapia with garlic until fish just begins to flake easily with a fork, about 5 minutes, turning fillets halfway through cooking.
Stir cheese and remaining butter into risotto; remove from heat.
Serve with tilapia.